BlockFi Valuation Sinks to $1B in Latest Funding Round: Report

BlockFi raised $350 million at a larger valuation of $3 billion in March last year.

AccessTimeIconJun 7, 2022 at 8:13 a.m. UTC
Updated May 11, 2023 at 6:51 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Crypto lender BlockFi is set to close a funding round at a lower valuation than its previous raises, according to a report by The Block.

  • The round will value the New Jersey-based firm at $1 billion, according to the report, which cites sources with knowledge of the matter.
  • The funding, known as a "down round," occurs when a company seeks to raise more capital and discovers that its valuation is lower than during a previous financing.
  • BlockFi raised $350 million at a larger valuation of $3 billion in March last year. It was reportedly set to raise a further $500 million, valuing it at nearly $5 billion, in late July and had also been making known its plans to go public.
  • The lower valuation points to the more challenging atmosphere in the crypto industry at present as well as regulatory uncertainty surrounding firms such as BlockFi, which offers high-interest payouts against crypto holdings.
  • In February, the firm agreed to pay a total of $100 million in penalties to the U.S. Securities and Exchange Commission (SEC) and several state regulators as part of a settlement in an investigation into whether its high-yield lending product was a securities offering.
  • When contacted by CoinDesk regarding the news, BlockFi responded that it does not comment on market rumors.
  • Key Events You Shouldn't Miss at Consensus 2024
    Key Events You Shouldn't Miss at Consensus 2024
  • What to Expect From Consensus 2024
    What to Expect From Consensus 2024
  • Will Solana and Altcoins Dominate the Market Next?
    Will Solana and Altcoins Dominate the Market Next?
  • What's Next for FIT21?
    What's Next for FIT21?
  • UPDATE (13:35 UTC June 7): Adds comment from BlockFi


    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.

    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

    Read more about